Redwood Real Estate Income Fund
Schedule of Investments
March 31, 2024 (Unaudited)
Principal Amount | Spread | Coupon Rate (%) | Maturity | Fair Value | |||||||||
Commercial Real Estate - 87.3%1,2 | |||||||||||||
Participation Notes - 87.3% | |||||||||||||
Condominium Development - 1.1% | |||||||||||||
2,179,784 | 3323 - 44 W 8 Capital, LLC & 44 W 8 SME, LLC3 | SOFR1M + 5.00%; floor 10.00% | 10.38 | 4/7/2025 | $ | 2,179,784 | |||||||
233,829 | 3343 - 502 East 81st Street Development, LLC3 | SOFR1M + 5.25%; floor 10.25% | 10.63 | 6/22/2025 | 233,829 | ||||||||
2,413,613 | |||||||||||||
Early Stage Construction - 11.7% | |||||||||||||
25,000,000 | 3321 - Queens Plaza North New York, LLC3 | SOFR1M + 5.50%; floor 10.83% | 10.88 | 10/22/2024 | 25,000,000 | ||||||||
Hospitality - 9.5% | |||||||||||||
6,383,703 | 3330 - 3601 Parking, LLC & N Ocean Blvd, LLC3 | SOFR1M + 5.10%; floor 10.25% | 10.50 | 10/31/2025 | 6,383,703 | ||||||||
12,500,000 | 3333 - McRopp New York Royal44, LLC3 | SOFR1M + 5.25%; floor 10.50% | 10.63 | 11/28/2025 | 12,500,000 | ||||||||
1,500,000 | 3356 - GK West 47th, LLC3 | SOFR1M + 5.67%; floor 11.00% | 11.00 | 3/7/2026 | 1,500,000 | ||||||||
20,383,703 | |||||||||||||
Industrial - 7.2% | |||||||||||||
14,000,000 | 3320 - Howell Lendco, LLC3 | SOFR1M + 5.21%; floor 10.51% | 10.54 | 3/24/2025 | 14,000,000 | ||||||||
1,300,000 | 3335 - Cromwell Inwood, LLC3 | SOFR1M + 5.50%; floor 10.83% | 10.88 | 11/27/2025 | 1,300,000 | ||||||||
15,300,000 | |||||||||||||
Mixed Use Development - 15.9% | |||||||||||||
2,672,482 | 3340 - San Antonio Palo Alto, LLC3 | SOFR1M + 6.20%; floor 11.50% | 11.63 | 12/15/2025 | 2,672,482 | ||||||||
6,590,000 | 3349 - Hillcrest Cedar Property Owner , LLC3 | SOFR1M + 5.75%; floor 10.75% | 11.13 | 1/9/2026 | 6,590,000 | ||||||||
3,140,000 | 3350 - Sarasota Springs, LLC3 | SOFR1M + 5.50%; floor 10.685% | 10.83 | 1/23/2025 | 3,140,000 | ||||||||
14,500,000 | 3354 - L Island City, LLC3 | SOFR1M + 5.25%; floor 10.25% | 10.63 | 2/22/2026 | 14,500,000 | ||||||||
2,081,140 | 3358 - 123 Speer Owner, LP3 | SOFR1M + 5.25%; floor 10.25% | 10.58 | 3/19/2026 | 2,081,140 | ||||||||
5,000,000 | TL Lone Peak Marketplace, LLC | N/A | 12.004 | 1/31/2027 | 5,000,000 | ||||||||
33,983,622 | |||||||||||||
Multifamily - 26.1% | |||||||||||||
3,470,000 | 3303 - 150 Lefferts Ave./55 East 21st Street3 | SOFR1M + 5.20%; floor 10.00% | 10.52 | 4/28/2024 | 3,470,000 | ||||||||
2,805,052 | 3316 - Spring Rock Bridge/428 Williams3 | SOFR1M + 5.00%; floor 9.50% | 10.38 | 8/12/2024 | 2,805,052 | ||||||||
5,500,000 | 3336 - Blue Spruce Lendco, LLC3 | SOFR1M + 5.00%; floor 10.25% | 10.32 | 5/30/2025 | 5,500,000 | ||||||||
12,400,000 | 3344 - 1600 North 11, LLC3 | SOFR1M + 5.50%; floor 10.75% | 10.88 | 10/26/2024 | 12,400,000 | ||||||||
31,858,365 | Tryperion TL Los Altos, LLC3 | SOFR1M + 8.36% | 13.68 | 8/1/2024 | 31,858,365 | ||||||||
56,033,417 | |||||||||||||
Office - 1.9% | |||||||||||||
4,000,000 | 3341 - Ferncroft, LLC3 | SOFR1M + 5.25%; floor 10.50% | 10.63 | 12/19/2025 | 4,000,000 | ||||||||
Predevelopment - 10.5% | |||||||||||||
12,000,000 | 3317 - 24-02 Queens Plaza South, Queens3 | SOFR1M + 5.15%; floor 10.25% | 10.50 | 8/25/2025 | 12,000,000 | ||||||||
10,377,692 | 3324 - Sarasota3 | SOFR1M + 5.68%; floor 10.53% | 11.00 | 9/23/2025 | 10,377,692 | ||||||||
22,377,692 | |||||||||||||
Single Family -0.5% | |||||||||||||
1,000,000 | 3326 - Elgny, LLC3 | SOFR1M + 5.00%; floor 10.25% | 10.38 | 10/7/2025 | 1,000,000 | ||||||||
Single Family/Condominium - 1.1% | |||||||||||||
2,451,862 | 3313 - First Lien Portfolio #33 | SOFR1M + 5.25%; floor 10.35% | 10.63 | 7/25/2025 | 2,451,862 | ||||||||
Single Family/Multifamily - 1.8% | |||||||||||||
1,427,220 | 3314 - VM Equities #33 | SOFR1M + 5.25%; floor 9.75% | 10.63 | 7/28/2025 | 1,427,220 | ||||||||
2,400,000 | 3348 - Aptitude Apache, LLC3 | SOFR1M + 5.25%; floor 10.50% | 10.63 | 1/5/2026 | 2,400,000 | ||||||||
3,827,220 | |||||||||||||
Total Participation Notes (Cost $186,771,129) | 186,771,129 | ||||||||||||
Total Commercial Real Estate (Cost $186,771,129) | 186,771,129 | ||||||||||||
Short-term Investments - 6.2% | |||||||||||||
Money Market Funds - 6.2% | |||||||||||||
13,335,638 | Fidelity US Government Fund, 5.14%5 | 13,335,638 | |||||||||||
Total Short-term Investments (Cost $13,335,638) | 13,335,638 | ||||||||||||
Total Investments (Cost $200,106,767) - 93.5% | $ | 200,106,767 | |||||||||||
Other assets in excess of liabilities - 6.5% | 13,846,086 | ||||||||||||
Net Assets - 100% | $ | 213,952,853 |
LLC - Limited Liability Company
LP - Limited Partnership
SOFR1M - 1-Month Term Secured Overnight Financing Rate
1 | All Commercial Real Estate investments are restricted securities. The total value of these securities is $186,771,129, which represents 87.3% of total net assets of the Fund. |
2 | All Commercial Real Estate investments are Level 3 securities fair valued using significant unobservable inputs. |
3 | Floating rate security. |
4 | Coupon rate consists of 8% cash and 4% payment-in-kind. Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying in cash. |
5 | Represents the 7-day effective yield as of March 31, 2024. |
Redwood Real Estate Income Fund
Notes to the Schedule of Investments
March 31, 2024 (Unaudited)
Investments in Restricted Securities - Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.
Additional information on each restricted security held by the Fund on March 31, 2024 is as follows:
Principal | ||||||||||||||||||
Security | Initial Acquisition Date | Amount | Cost | Fair Value | % of Net Assets | |||||||||||||
3303 - 150 Lefferts Ave./55 East 21st Street | July 28, 2023 | 3,470,000 | $ | 3,470,000 | $ | 3,470,000 | 1.6 | % | ||||||||||
3313 - First Lien Portfolio #3 | July 25, 2023 | 2,451,862 | 2,451,862 | 2,451,862 | 1.2 | % | ||||||||||||
3314 - VM Equities #3 | July 28, 2023 | 1,427,220 | 1,427,220 | 1,427,220 | 0.7 | % | ||||||||||||
3316 - Spring Rock Bridge/428 Williams | August 11, 2023 | 2,805,052 | 2,805,052 | 2,805,052 | 1.3 | % | ||||||||||||
3317 - 24-02 Queens Plaza South, Queens | August 22, 2023 | 12,000,000 | 12,000,000 | 12,000,000 | 5.6 | % | ||||||||||||
3320 - Howell Lendco, LLC | September 19, 2023 | 14,000,000 | 14,000,000 | 14,000,000 | 6.5 | % | ||||||||||||
3321 - Queens Plaza North New York, LLC | September 26, 2023 | 25,000,000 | 25,000,000 | 25,000,000 | 11.7 | % | ||||||||||||
3323 - 44 W 8 Capital, LLC & 44 W 8 SME, LLC | October 6, 2023 | 2,179,784 | 2,179,784 | 2,179,784 | 1.0 | % | ||||||||||||
3324 - Sarasota | September 29, 2023 | 10,377,692 | 10,377,692 | 10,377,692 | 4.9 | % | ||||||||||||
3326 - Elgny, LLC | October 6, 2023 | 1,000,000 | 1,000,000 | 1,000,000 | 0.5 | % | ||||||||||||
3330 - 3601 Parking, LLC & N Ocean Blvd, LLC | October 31, 2023 | 6,383,703 | 6,383,703 | 6,383,703 | 3.0 | % | ||||||||||||
3333 - McRopp New York Royal44, LLC | November 17, 2023 | 12,500,000 | 12,500,000 | 12,500,000 | 5.8 | % | ||||||||||||
3335 - Cromwell Inwood, LLC | November 27, 2023 | 1,300,000 | 1,300,000 | 1,300,000 | 0.6 | % | ||||||||||||
3336 - Blue Spruce Lendco, LLC | November 28, 2023 | 5,500,000 | 5,500,000 | 5,500,000 | 2.6 | % | ||||||||||||
3340 - San Antonio Palo Alto, LLC | December 15, 2023 | 2,672,482 | 2,672,482 | 2,672,482 | 1.3 | % | ||||||||||||
3341 - Ferncroft, LLC | December 19, 2023 | 4,000,000 | 4,000,000 | 4,000,000 | 1.9 | % | ||||||||||||
3343 - 502 East 81st Street Development, LLC | December 22, 2023 | 233,829 | 233,829 | 233,829 | 0.1 | % | ||||||||||||
3344 - 1600 North 11, LLC | December 20, 2023 | 12,400,000 | 12,400,000 | 12,400,000 | 5.8 | % | ||||||||||||
3348 - Aptitude Apache, LLC | January 2, 2024 | 2,400,000 | 2,400,000 | 2,400,000 | 1.1 | % | ||||||||||||
3349 - Hillcrest Cedar Property Owner , LLC | January 5, 2024 | 6,590,000 | 6,590,000 | 6,590,000 | 3.1 | % | ||||||||||||
3350 - Sarasota Springs, LLC | January 18, 2024 | 3,140,000 | 3,140,000 | 3,140,000 | 1.5 | % | ||||||||||||
3354 - L Island City, LLC | February 14, 2024 | 14,500,000 | 14,500,000 | 14,500,000 | 6.7 | % | ||||||||||||
3356 - GK West 47th, LLC | March 7, 2024 | 1,500,000 | 1,500,000 | 1,500,000 | 0.7 | % | ||||||||||||
3358 - 123 Speer Owner, LP | March 21, 2024 | 2,081,140 | 2,081,140 | 2,081,140 | 1.0 | % | ||||||||||||
TL Lone Peak Marketplace, LLC | January 31, 2024 | 5,000,000 | 5,000,000 | 5,000,000 | 2.3 | % | ||||||||||||
Tryperion TL Los Altos, LLC | September 26, 2023 | 31,858,365 | 31,858,365 | 31,858,365 | 14.8 | % | ||||||||||||
$ | 186,771,129 | $ | 186,771,129 |